India's MMTC issues urea tender to close 24 Aug

20 August 2007 15:21  [Source: ICIS news]

LONDON (ICIS news)--Indian state trading company MMTC has issued  a tender for an unspecified quantity of urea for prompt shipment, trader sources confirmed on Monday.

 

The tender will close at 11:30 Indian time on 24 August, with offers valid until 17:00 on 31 August.

 

Indian fertilizer demand outstrips domestic supply. As a result, the Indian government imports large quantities of urea through two trading agencies, MMTC and Indian Potash Limited (IPL).

 

Tenders issued by these companies can provide an indication of global urea price trends, as they are keenly contested by suppliers and traders from several regions including the Far East, Egypt and the Middle East.

 

The last Indian tender at the end of July saw IPL purchase 275,000 tonnes from Middle Eastern suppliers at prices under $280/tonne FOB (free on board).

 

These agreements were around $8-12/tonne (€6-9/tonne) lower than previous Middle East FOB assessments and mirrored softening numbers in several regions at the time.

 

($1 = €0.74)

By: Carl Roache
+44 20 8652 3214

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